¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act and Investment Company Act, the Registrant certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Columbus, State of Ohio, on the 21st day of November, 2012.

Mutual Fund Series Trust

By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities indicated on the 21st day of November, 2012 or as otherwise indicated.

Dr. Bert Pariser*, Trustee

Tobias Caldwell*, Trustee

Jerry Szilagyi, Trustee/President/Principal Executive Officer*

Erik Naviloff, Treasurer/Principal Financial Officer *

Tiberiu Weisz*, Trustee

*By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact

Exhibit Index

Index No.

Description of Exhibit

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL

Taxonomy Extension Calculation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

EX-101.PRE
3
dgqax-20121101_pre.xml
EX-101.INS
4
dgqax-20121101.xml
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Companies in the healthcare sector are heavily dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.</p> <p>&nbsp;</p> <p><b>Consumer Staples Sector Risk.</b> Companies in the consumer staples sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.&#160; This sector can also be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a new mutual fund and has no history of operations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p>&nbsp;</p> <p><b>Non-diversification Risk.</b> Because a relatively high percentage of a non-diversified Fund&#8217;s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors or industries, the Fund&#8217;s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p>&nbsp;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Short Selling Risk.</b> If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p><p><b>Performance</b></p><p>No performance information is being presented because the Fund has not been in operation for a full calendar year.&#160; In the future, performance information will be presented in this section of this Prospectus.&#160; Updated performance information will be available at no cost by calling 1-877-217-8363 and on the Fund&#8217;s website at www.afcm-quant.com.</p>4.9270<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p><font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363 </font><font style="font-size:12.0pt; font-family:Times New Roman">www.afcm-quant.com</font><p><b>Investment Objective</b></p><p>The Fund seeks to achieve total return with a high rate of current income and total return with lower volatility than common stocks as measured by the standard deviation.</p><p><b>Fees and Expenses of the Fund</b></p><p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p><p><b>Shareholder Fees (fees paid directly from your investment)</b></p><p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p><p><b>Example</b></p><p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p><p><b>Portfolio Turnover</b></p><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 411.30% of the average value of the portfolio.</p><p><b>Principal Investment Strategies</b></p><p>The Fund seeks to achieve its objective by investing in a portfolio of high income common stock, preferred stock, convertible preferred stock, REITs and corporate bonds selected by applying quantitative modeling techniques that use numerous factors including (but not limited to) dividend yield, price momentum, trading volume, bid/ask spread, and price as compared to simple and exponential moving averages. The Fund rebalances on an at least quarterly basis based upon the results of the model.&#160; Investment decisions are strictly based on the results of the quantitative model without emotion or subjective analysis.&#160; The model upon which the Fund is based was developed by the Fund&#8217;s advisor, AmericaFirst Capital Management, LLC.&#160; The Fund invests without restriction as to issuer capitalization, maturity or credit quality.</p><p><b>Principal Risks of Investing in the Fund</b></p><p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p>&nbsp;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a new mutual fund and has a limited history of operations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The Advisor's reliance on the model and portfolio manager's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the model's forecasts and/or the portfolio manager's judgments will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.&#160; Preferred stock prices tend to move more slowly upwards than common stock prices.</p> <p>&nbsp;</p> <p><b>Real Estate Investment Trust Risk.</b> Investing in real estate investment trusts (&#8220;REITs&#8221;) involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT&#8217;s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>&#160; The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p><p><b>Performance</b></p><p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund&#8217;s Class A shares for the full calendar year since the Fund&#8217;s inception.&#160; The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.&#160; The performance table compares the performance of the Fund&#8217;s shares over time to the performance of a broad-based market index.&#160; The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.&#160; You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; Updated performance information is available at no cost by calling 877-217-8363.</p><p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p><p>Best Quarter:&#160;&#160; 12/31/11&#160;&#160; 3.91%</p> <p>Worst Quarter:&#160; 9/30/11&#160;&#160; (14.77)%</p> <p style="tab-stops:157.5pt"><font style="font-size:10.0pt; layout-grid-mode:line">&nbsp;</font></p> <p>Year-to-date total return for the nine months ended September 30, 2012</p><p style="text-align:center" align="center"><b>Performance Table</b></p> <p style="text-align:center" align="center"><b>Average Annual Total Returns</b></p> <p style="text-align:center" align="center"><b>(For period ended December 31, 2011)</b></p><p>After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>4.1130<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p><font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; </font><font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font><font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>2011-12-31.0391<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>2011-09-30-.1477<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font><p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p><p><b>Investment Objective</b></p><p>The Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.</p><b><font style="font-size:12.0pt; font-family:Times New Roman">Fees and Expenses of the Fund</font></b><p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p><b><font style="font-size:12.0pt; font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b><p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p><p><b>Example</b></p><p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p><p><b>Portfolio Turnover</b></p><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 680.35% of the average value of the portfolio.</p><p><b>Principal Investment Strategies</b></p><p>The Fund seeks to achieve its objective by investing in a broad range of asset classes and sectors, some of which are historically uncorrelated to the equity and fixed income markets. The Fund may also sell short equity and fixed income securities.&#160; The Fund will invest in securities regardless of market capitalization and regardless of industry sector.&#160; The Fund may invest in fixed income securities regardless of maturity or credit rating.</p> <p>&nbsp;</p> <p>The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies (&#8220;closed-end funds&#8221;), exchange-traded portfolios (&#8220;Exchange Traded Portfolios&#8221;) and real estate investment trusts (&#8220;REITs&#8221;). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts (&#8220;UITs&#8221;) registered under the 1940 Act (commonly referred to as &#8220;ETFs&#8221;), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Closed-end funds and Exchange Traded Portfolios are collectively referred to as &#8220;Acquired Funds&#8221;. It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.</p> <p>&nbsp;</p> <p>Although not anticipated to be the case frequently, the Fund will sell equities short when the advisor's proprietary quantitative analysis indicates that current securities prices (either for an index ETF or an individual security) are overpriced and the Fund has an opportunity to achieve positive returns from shorting securities rather than holding them long.</p> <p>&nbsp;</p> <font style="font-size:12.0pt; font-family:Times New Roman">The Fund will rebalance its holdings, based on the Advisor&#8217;s quantitative models, on an at-least quarterly basis.</font><p><b>Principal Risks of Investing in the Fund</b></p><p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Acquired Fund Strategy Risk.</b>&#160; Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.&#160; These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p>&nbsp;</p> <p><b>Commodity Related Risk.</b> The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p>&nbsp;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Foreign and Currency Exposure Risk. </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.&#160; The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p>&nbsp;</p> <p><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly called &#8220;junk bonds,&#8221; are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a relatively new mutual fund and has a limited history of operations.</p> <p>&nbsp;</p> <p><b>Liquidity Risk.</b> Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Real Estate Risk.</b>&#160; The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Tracking Risk. </b>Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p><p><b>Performance</b></p><p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund&#8217;s Class A shares for the full calendar year since the Fund&#8217;s inception.&#160; The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.&#160; The performance table compares the performance of the Fund&#8217;s shares over time to the performance of a broad-based market index.&#160; The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.&#160; You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; Updated performance information is available at no cost by calling 877-217-8363.</p><p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p><p>Best Quarter:&#160;&#160; 12/31/10&#160;&#160; 15.35%</p> <p>Worst Quarter:&#160; 9/30/11&#160;&#160; (13.89)%</p> <p style="tab-stops:157.5pt">&nbsp;</p> <p>Year-to-date total return for the nine months ended September 30, 2012</p><p style="text-align:center" align="center"><b>Performance Table</b></p> <p style="text-align:center" align="center"><b>Average Annual Total Returns</b></p> <p style="text-align:center" align="center"><b>(For period ended December 31, 2011)</b></p><p>After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>6.8035<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p><font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; </font><font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font><font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>2010-12-31.1535<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>2011-09-30-.1389<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font><p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p><p><b>Investment Objective</b></p><p>The Fund seeks to achieve long-term capital appreciation and to achieve positive returns through all market cycles.</p><p><b>Fees and Expenses of the Fund</b></p><p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class C shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p><p><b>Shareholder Fees (fees paid directly from your investment)</b></p><p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p><p><b>Example</b></p><p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p><p><b>Portfolio Turnover</b></p><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 346.05% of the average value of the portfolio.</p><p><b>Principal Investment Strategies</b></p><p>The name &#8220;Quantitative Strategies&#8221; refers to the advisor&#8217;s use of objective, data-based quantitative information to make investment decisions rather than subjective or emotional investment decisions.&#160; The &#8220;optimization process&#8221; refers to the computer-based process of analyzing and combining data from several dissimilar quantitative strategies to achieve an appropriate risk/return profile for the Fund.</p> <p>&nbsp;</p> <p>The Fund intends to achieve its investment objective by investing, under normal circumstances, in individual equity and fixed income securities and other investment companies including : (1) unit investment trusts (affiliated and non-affiliated) (&#8220;UITs&#8221;); (2) closed-end investment companies (&#8220;Closed-End Funds&#8221;) and (3) exchange traded-funds (&#8220;ETFs&#8221;) (collectively &#8220;Acquired Funds&#8221;).&#160; The Fund may invest a portion of its portfolio in Acquired Funds managed by the advisor.</p> <p>&nbsp;</p> <p>Securities are selected using the advisor's Portfolio Optimization Tool (&#8220;Optimizer&#8221;).&#160; The Optimizer selects from a starting universe of the advisor's proprietary models and seeks to create a portfolio of low correlated investment strategies.&#160; The optimization process is based on over twenty years of price momentum history. The advisor will sell a security when the security no longer meets the selection criteria, as part of the periodic evaluation process used to replace lower performing securities in the portfolio with more attractive securities, or when a security meets its target valuation.&#160; The Fund will invest in equity securities regardless of market capitalization.&#160; The Fund may invest in fixed income securities regardless of maturity or credit rating.&#160; ETFs in which the Fund may invest include those providing exposure to particular segments of the securities markets including commodities, certain industries or sectors, securities index tracking ETFs and on occasion inverse ETFs.</p> <p>&nbsp;</p> <p>The Fund will rebalance its holdings, based on the Advisor&#8217;s quantitative models, on an at-least quarterly basis.</p><p><b>Principal Risks of Investing in the Fund</b></p><p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Acquired Fund Strategy Risk.</b>&#160; Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.&#160; These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p>&nbsp;</p> <p><b>Commodity Related Risks.</b> The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p>&#160;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Liquidity Risk.</b> Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The advisor's reliance on the Optimizer model and the portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Optimizer model and/or portfolio manager's judgments will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.&#160; Real Estate Investment Trusts (&#8220;REITs&#8221;) are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Tracking Risk.</b> Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p><p><b>Performance</b></p><p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund&#8217;s Class A shares for the full calendar year since the Fund&#8217;s inception.&#160; The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.&#160; The performance table compares the performance of the Fund&#8217;s shares over time to the performance of a broad-based market index.&#160; The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.&#160; You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; Updated performance information is available at no cost by calling 877-217-8363.</p><p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p><p>Best Quarter:&#160;&#160; 12/31/10&#160;&#160; 15.35%</p> <p>Worst Quarter:&#160; 9/30/11&#160; (13.89)%</p> <p>&nbsp;</p> <p>Year-to-date total return for the nine months ended September 30, 2012</p><p style="text-align:center" align="center"><b>Performance Table</b></p> <p style="text-align:center" align="center"><b>Average Annual Total Returns</b></p> <p style="text-align:center" align="center"><b>(For period ended December 31, 2011)</b></p><p>After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>3.4605<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p><font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future</font><font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font><font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>2010-12-31.1535<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>2011-09-30-.1389<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font><p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>00013550642012-11-012012-11-010001355064fil:S000032501Member2012-11-012012-11-010001355064fil:S000032501Memberfil:C000100258Member2012-11-012012-11-010001355064fil:S000032501Memberfil:C000100259Member2012-11-012012-11-010001355064fil:S000032501Memberfil:C000100260Member2012-11-012012-11-010001355064fil:S000029398Member2012-11-012012-11-010001355064fil:S000029398Memberfil:C000090299Member2012-11-012012-11-010001355064fil:S000029398Memberfil:C000090300Member2012-11-012012-11-010001355064fil:S000029398Memberfil:C000090301Member2012-11-012012-11-010001355064fil:S000029398Memberfil:C000090299Memberrr:AfterTaxesOnDistributionsMember2012-11-012012-11-010001355064fil:S000029398Memberfil:C000090299Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-11-012012-11-010001355064fil:S000029398Memberfil:BarclayMember2012-11-012012-11-010001355064fil:S000028009Member2012-11-012012-11-010001355064fil:S000028009Memberfil:C000085206Member2012-11-012012-11-010001355064fil:S000028009Memberfil:C000085207Member2012-11-012012-11-010001355064fil:S000028009Memberfil:C000090302Member2012-11-012012-11-010001355064fil:S000028009Memberfil:C000085206Memberrr:AfterTaxesOnDistributionsMember2012-11-012012-11-010001355064fil:S000028009Memberfil:C000085206Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-11-012012-11-010001355064fil:S000028009Memberfil:SMember2012-11-012012-11-010001355064fil:S000019089Member2012-11-012012-11-010001355064fil:S000019089Memberfil:C000052786Member2012-11-012012-11-010001355064fil:S000019089Memberfil:C000052787Member2012-11-012012-11-010001355064fil:S000019089Memberfil:C000052786Memberrr:AfterTaxesOnDistributionsMember2012-11-012012-11-010001355064fil:S000019089Memberfil:C000052786Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-11-012012-11-010001355064fil:S000019089Memberfil:SMember2012-11-012012-11-01pureiso4217:USDThe Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.70% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.The Inception Date of the Fund's Class A, I and U shares is July 1, 2010.The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses(exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010.The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly into an index or benchmark.The advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 1.50% and 2.25% for Class A and Class C, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.The inception date of the Fund's Class A and C Shares is September 28, 2007.The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.EX-101.SCH
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dgqax-20121101.xsd
EX-101.CAL
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EX-101.DEF
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EX-101.LAB
8
dgqax-20121101_lab.xml
Series [Axis]Series [Axis]SeriesSeriesAmericaFirst Defensive Growth FundAmericaFirst Defensive Growth FundAmericaFirst Income Trends FundAmericaFirst Income Trends FundAmericaFirst Absolute Return FundAmericaFirst Absolute Return FundAmericaFirst Quantitative Strategies FundAmericaFirst Quantitative Strategies FundShare Class [Axis]Share Class [Axis]Share ClassesShare ClassesClass AClass A {100258}Class UClass U {100259}Class IClass I {100260}Class AClass A {90299}Class UClass U {90300}Class IClass I {90301}Class AClass A {85206}Class UClass U {85207}Class IClass I {90302}Class AClass A {52786}Class CClass C {52787}Performance Measure [Axis]Performance Measure [Axis]Before TaxesBefore TaxesReturn After Taxes on DistributionsReturn After Taxes on DistributionsReturn After Taxes on Distributions and Sale of Fund SharesReturn After Taxes on Distributions and Sale of Fund Shares- Comparison Index - Barclays Aggregate Bond Index- Comparison Index - Barclays Aggregate Bond Index- Comparison Index - S&P 500 Total Return Index- Comparison Index - S&P 500 Total Return IndexRisk/Return:Risk/Return:Objective [Heading]Objective [Heading]Objective, Primary [Text Block]Objective, Primary [Text Block]Expense [Heading]Expense [Heading]Expense Narrative [Text Block]Expense Narrative [Text Block]Shareholder Fees Caption [Text]Shareholder Fees Caption [Text]Shareholder Fees [Table]Shareholder Fees [Table]Operating Expenses Caption [Text]Operating Expenses Caption [Text]Annual Fund Operating Expenses [Table]Annual Fund Operating Expenses [Table]Expense Example [Heading]Expense Example [Heading]Expense Example Narrative [Text Block]Expense Example Narrative [Text Block]Expense Example, With Redemption [Table]Expense Example, With Redemption [Table]Expense Example, No Redemption [Table]Expense Example, No Redemption [Table]Portfolio Turnover [Heading]Portfolio Turnover [Heading]Portfolio Turnover [Text Block]Portfolio Turnover [Text Block]Strategy [Heading]Strategy [Heading]Strategy Narrative [Text Block]Strategy Narrative [Text Block]Risk [Heading]Risk [Heading]Risk Narrative [Text Block]Risk Narrative [Text Block]Bar Chart and Performance Table [Heading]Bar Chart and Performance Table [Heading]Performance Narrative [Text Block]Performance Narrative [Text Block]Bar Chart [Heading]Bar Chart [Heading]Bar Chart [Table]Bar Chart [Table]Bar Chart Closing [Text Block]Bar Chart Closing [Text Block]Performance Table HeadingPerformance Table HeadingPerformance [Table]Performance [Table]Market Index Performance [Table]Market Index Performance [Table]Performance Table Closing [Text Block]Performance Table Closing [Text Block]Shareholder Fees:Shareholder Fees:Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds)Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds)Redemption Fee (as a % of amount redeemed, if sold within 90 days)Redemption Fee (as a % of amount redeemed, if sold within 90 days)Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg}Wire Transfer FeeWire Transfer FeeOperating Expenses:Operating Expenses:Management FeesManagement FeesDistribution and/or Service (12b-1) FeesDistribution and/or Service (12b-1) FeesOther ExpensesOther ExpensesAcquired Fund Fees and ExpensesAcquired Fund Fees and ExpensesTotal Annual Fund Operating ExpensesTotal Annual Fund Operating ExpensesFee Waiver or ReimbursementFee Waiver and/or Expense ReimbursementFee Waiver and/or Expense ReimbursementTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense ReimbursementTotal Annual Fund Operating Expenses After Fee Waiver and/or Expense ReimbursementExpense Example:Expense Example:1 YearExpense Example, with Redemption, 1 Year3 YearsExpense Example, with Redemption, 3 Years5 YearsExpense Example, with Redemption, 5 Years10 YearsExpense Example, with Redemption, 10 YearsBar Chart Table:Bar Chart Table:Annual Return 2008Annual Return 2008Annual Return 2009Annual Return 2009Annual Return 2010Annual Return 2010Annual Return 2011Annual Return 2011Average Annual Return:Average Annual Return:1 Year1 YearSince InceptionSince InceptionRisk/Return Detail [Table]Risk/Return Detail [Table]Document TypeDocument TypeDocument Period End DateDocument Period End DateRegistrant NameRegistrant NameCentral Index KeyCentral Index KeyAmendment FlagAmendment FlagProspectus DateProspectus DatePortfolio Turnover, RatePortfolio Turnover, RateRisk Lose Money [Text]Risk Lose Money [Text]Performance Availability Phone [Text]Performance Availability Phone [Text]Performance Availability Website Address [Text]Performance Availability Website Address [Text]Performance Past Does Not Indicate Future [Text]Performance Past Does Not Indicate Future [Text]LabelHighest Quarterly Return, LabelHighest Quarterly Return, DateHighest Quarterly Return, DateHighest Quarterly ReturnHighest Quarterly ReturnLabelLowest Quarterly Return, LabelLowest Quarterly Return, DateLowest Quarterly Return, DateLowest Quarterly ReturnLowest Quarterly ReturnPerformance Table Uses Highest Federal RatePerformance Table Uses Highest Federal RatePerformance Table Not Relevant to Tax DeferredPerformance Table Not Relevant to Tax DeferredGRAPHIC
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